Friday, 19 September 2014
Last updated 9 hours ago
Mar 20 2007 | 11:05am ET
Ayferafet Yalincak, the mother (and co-conspirator) of the New York University student who claimed to run a multi-million dollar hedge fund, has been sentenced to two years in prison for her role in her son’s hedge fund scam.
Yalincak, who pleaded guilty last year to conspiracy to commit wire fraud, argued that she too was a victim of the scheme, in which her son, the now-22-year-old Hakan, charmed wealthy investors into placing money with him, which he never invested. He even went so far as to donate $1.25 million to NYU, and pledged another $20 million to the university.
“I have the uneasy feeling today of not really knowing what should be believed and what should not be believed about this defendant," said U.S. District Judge Janet Bond Arterton, referring to the 52-year-old Yalincak.
Meanwhile, Hakan, who posed as an heir to a wealthy Turkish family, faces up to five years in prison and is set to be sentenced next month.
Following their release from prison, both Yalincaks face another ordeal: possible deportation to Turkey.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.